Corn trade is showing fractional gains so far this morning. Futures rounded out the midweek session with fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next week, with some mild showers expected in the three main Eastern Corn Belt States.
The weekly EIA ethanol production report showed a drop of 11,000 barrels per day in average daily production last week to 1.095 million bpd, implying slightly less corn use. That was still the 3rd largest production of the marketing year. The decline from the previous week appeared to be tied to weaker nearby demand, as ethanol stocks rose 563,000 barrels for the week to 23.7 million barrels. There may be a lag effect in the supply chain, as implied gasoline use last week was the highest in 8 months and nearly all of it has at least 10% ethanol.
The trade is estimating 2023/24 corn export sales will land in between a range of 200,000 to 700,000 MT for the week that ended on July 18. Ideas for new crop business are running 100,000 to 600,000 MT for Thursday’s weekly USDA Export Sales report.
Sep 24 Corn closed at $4.03 3/4, up 1 1/4 cents, currently up 1/4 cents
Nearby Cash was $3.97 7/8, up 3/4 cent,
Dec 24 Corn closed at $4.18, up 3/4 cent, currently up 1/2 cents
Mar 25 Corn closed at $4.32 1/4, up 1 cent, currently up 1/4 cents
New Crop Cash was $3.81 1/1, up 1 cent,
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